Panasonic sees strong demand from Tesla, in talks to expand Nevada battery plant GlobeBusiness
This translation has been automatically generated and has not been verified for accuracy.Panasonic Corp’s finance chief said the company is seeing strong demand for battery cells from U.S. partner Tesla and they are in talks to expand their joint plant in Nevada, which is now profitable.
Panasonic recently lost its status as Tesla’s exclusive battery supplier, but has been able to turn around the U.S. joint battery business as demand for Tesla’s electric cars soar.Last month Tesla reported its third consecutive quarterly profit despite the economic impact of the coronavirus pandemic, taking investors by surprise.
The Tesla battery business provided a bright spot in Panasonic’s otherwise grim earnings, hit by plant closures and supply chain disruptions for its laptops, washing machines, automotive components and factory equipment.Panasonic did not issue an earnings forecast for the current year due to uncertainty about the impact of the virus, joining a number of Japanese electronics companies, including Sony Corp and Canon Inc, in refraining from providing outlooks.Analysts have forecast an average 225.
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